Why Financial Services Companies Need to Consider Liferay Experience Cloud (LXC)
3 min read
Financial services companies can benefit from considering Liferay Experience Cloud for many reasons but first and foremost is delivering Client Experience and all that entails in the current and future financial services marketplace.
Customer experience is crucial in the financial services industry for several reasons:
Enables Competitive Advantage
Fosters Customer Retention and Lifetime Value
Helps Maintain Regulatory Compliance and Transparency
Drives Cross-Selling and Upselling Opportunities
Builds Brand Reputation
Customer experience is critical in financial services because, for the most part, the differentiators between industry competitors are minimal from a pure product perspective. By prioritizing customer experience, financial services companies create better long-term value in a crowded marketplace, and establish themselves as trusted partners in their customers’ financial journeys with them.
Digital technologies (think LXC) play a crucial and foundational role in enabling and enhancing customer experiences in the financial services industry. Let’s discuss some ways in which digital is used to facilitate customer experience. While this a refresher and most are obvious these are the surface level enablers to be driven by digital:
Digital Banking Platforms: Think your traditional Online banking and mobile banking applications that provide customers with convenient access to their accounts.
Personalized Customer Interactions: Think personalized interactions based on individual preferences, needs, and behaviors. Think targeted and relevant offers, recommendations, and communications through various digital channels.
Chatbots and Virtual Assistants: Think use of Intelligent chatbots and virtual assistants to provide instant customer support and assistance offering 24/7 support and reduced waiting times.
Seamless Omni-Channel Experience: Think enabling customers to interact through multiple channels including websites, mobile apps, social media, call centers, or in-person branches. Customers can start a transaction on one channel and seamlessly continue it on another, ensuring a consistent experience across all touchpoints.
Digital Onboarding and Account Opening: Think Online document submission, electronic signature acceptance, streamlining the onboarding process and reducing the time and effort required.
Self-Service and Knowledge Base: Think self-service options enabled through digital channels, empowering customers to find information, troubleshoot issues, and resolve queries independently.
Data Security and Fraud Prevention: Think digital enabled enhanced data security and protection of customers’ sensitive information.
So where does LXC fit in:
Clearly digital technology is needed to offer enhanced convenience, personalization, accessibility, speed, and security to customers and ultimately delivering a seamless and engaging customer experience throughout their financial journey.
LXC can be your foundational technology enabler across all of these disparate use cases.
LXC enables the best of breed experience platform to integrate all the technologies involved into one seamless experience for the customer. Additionally LXC delivers:
Scalability and Reliability
Faster Time to Market
Focus on Core Competencies
Security and Compliance
Ongoing Updates and Support.
Liferay Experience Cloud provides a scalable and reliable cloud infrastructure that ensures high availability, performance, and uptime and in a cost effective manner.
Liferay Experience Cloud offers a pre-configured and managed environment, which accelerates the deployment and implementation of digital experiences. Financial services companies can leverage the cloud platform’s out of the box features and templates, quickly launching their portals, websites, or applications, enabling them to reach customers faster. This provides greater freedom for financial services companies to focus their resources and expertise on their core business functions.
It cannot be overstated that Liferay Experience Cloud offers robust security measures and compliance capabilities necessary for financial services companies to succeed in today’s challenging cyber security and regulatory environment. The cloud platform adheres to industry-standard security protocols, undergoes regular security audits, and ensures data privacy.
All in all, Liferay Experience Cloud offers financial services companies a cloud-based solution that provides scalability, reliability, cost-effectiveness, faster time to market, security, compliance, and ongoing support. It allows you to focus on your core competencies, enhance customer experiences, and streamline digital operations to help keep pace in the market, and future-proof your operations.